Sleepy Joe Biden may have, in part, awakened the stock market, which is good news for small investors, such as anyone with a 401(k) account, as well as institutional firms.
After the ex-Vice President’s Super Tuesday dominance, the Dow Jones Industrial Average gained 1,000-plus points yesterday after sustaining massive losses the day before. Wednesday’s outcome is said to be the second-biggest comeback ever for the stock market in history. The Dow and two other indexes, the S&P and the Nasdaq, each grew about four percent.
Some observers have deemed it what amounts to a Biden-prompted market correction after an 11-percent slide. Said one Wall Street analyst about Wednesday’s outcome, “The race is not yet over, but immediate reaction is likely a relief rally as the tail risk of some of Sanders’ policies will be seen as less likely today than last week.”
Investors apparently took reassurance that Vermont Sen. Bernie Sanders’ brand of democratic socialism failed to gain significant traction among those voting in the Democrat primary in the Super Tuesday states. Whether the socialism peddled by Bernie, including Medicare for All and private insurance for none, is actually any different in practice than the tax-hiking policies which would come with a potential “moderate” Biden administration is a legitimate question, however.
One way or another, socialism often results in Big Government and Big Business getting into a joint venture to the detriment of ordinary citizens. It’s just that a different one-percent cohort may profit from anti-capitalism fervor.
With the federal government’s focus on the coronavirus, healthcare stocks rose substantially yesterday. Other factors boosting the stock market on Wednesday include congressional approval for more than $8 billion in new money to fight the virus as well as an initial Fed interest rate cut.
Said another Wall Street strategist, “It’s a relief to the market that it appears that Joe Biden is increasingly likely to get the Democratic nomination.”
The stock market has been on a roller-coaster ride since the worldwide outbreak of the coronavirus began making headlines, resulting in some degree of hysteria. Now that “Crazy Bernie,” as President Trump has nicknamed him, no longer appears to the front-runner thanks to the machinations of the Democrat establishment, investors seem more confident about the overall U.S. economy moving forward. Wednesday’s result doesn’t mean that market volatility has come to an end, however. There are already signs that the market may retrench before the day is out. Some investors have viewed the market swings as a buying opportunity while proceeding with caution.
In a post-Super Tuesday press conference, Bernie Sanders called out Joe Biden for his shortcomings on healthcare, trade, and his unwavering support for the credit-card industry and the corporate establishment generally.
This campaign is about asking one fundamental question: Which side are you on?
Are you on the side of the drug companies, the health insurance industry and the fossil fuel industry?
Or are you on the side of the working families of this country? pic.twitter.com/4SuKuSfg3M
— Bernie Sanders (@BernieSanders) March 4, 2020
As former Bush speechwriter Marc Thiessen has accurately observed, however, the Hobson’s choice of Sanders vs. Biden is a one between socialism and senility.
“You’ve got a race that’s basically coming down to Democrats are going to have to choose between socialism and senility.”
— Daily Caller (@DailyCaller) March 4, 2020
Bernie Sanders isn’t advocating for “free stuff”, he’s advocating for higher taxes (especially for the wealthy) so that we AS A NATION will pay for free healthcare, etc. There’s nothing FREE about it, it’s about unity and caring for our people as a whole.
— em (@emilyslusarz) March 5, 2020
if the democratic establishment succeeds in sabatoging Bernie Sanders then I ain’t voting for Biden in november. i said it. maybe that will help Trump win again but seriously they’re both corrupt and i’m tired and don’t have healthcare either way. neither of them gives af abt me.
— cece ❤️🧡💛💚💙 (@imperfectbIue) March 4, 2020
Remember: When politicians like Bernie Sanders talk about helping “working” families, they are actually referring to “non-working” families.
In the meantime, and despite the typical doom and gloom from the media and the Democrats, President Trump and Vice President Pence have effectively mobilized the entire federal government to contain and develop protocols to address the coronavirus threat.
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